PSE continues bull run, inches closer to 6,000
MANILA, Philippines (UPDATE) - Shares rallied for the third consecutive day, closing on another record high as it inched towards the 6,000-mark.
The Philippine Stock Exchange index finished 0.63% or 37.4 points higher at 5,971.45, while the broader all-shares index gained 0.41% or 15.55 points to 3,778.43.
Friday's close marked the third time the PSEi hit a record high this year. Last year, the index reached 38 record highs, riding on the country's good macroeconomic fundamentals.
"The PSEi managed to avoid the general downtrend in Asia today, an encouraging sign for the sustainability of last year's impressive performance. These positive developments, including favourable inflation data, help support our good start to the year," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
Trading volume fell to 1.62 billion from 2.34 billion on Thursday, but trading value rose to P7.59 billion from P7.53 billion.
All sub-indices were in the green except for industrial firms, which lost 0.09% or 8.16 points to 9,057.48.
The services sector increased 0.78% or 13.87 points to 1,779.70, while holding firms went up 0.75% or 39.36 points to 5,317.45.
Financial companies gained 0.56% or 8.67 points to 1,552.58, as mining and oil firms grew 0.55% or 110.47 points to 20,037.87 and property developers climbed 0.54% or 12.67 points to 2,350.76.